Terra Classic statsLUNC · USTC · ON-CHAIN DATA
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With the 1-year anniversary of the LUNC on-chain burn tax approaching, it is time to reflect on its effectiveness and the future role in LUNC in general. The author argues that the past year has clearly indicated that the burn tax experiment has failed to achieve what it had set out to for at least the following reasons: 1) it alone will never burn down the supply for the next 300+ years; 2) it suffocates on-chain economic activity; 3) CZ has publicly stated that the burn tax will never work (CZ always says “build” not “burn”); 4) off-chain burns will never be implemented by the big CEXes; 5) projects/initiatives currently burn more than the burn tax (Binance, DFLunc etc.); 6) it prevents dApps from onboarding the Terra Classic blockchain; 7) it may have a handicapping effect on LUNC price when next bull market arrives as traders will prefer to trade in a tax-free environment. Don’t take the author’s word for it, though. Even back in September, 2022, when introducing the 1.2% burn tax in his Agora post, prof. Ed Kim listed the following potential negatives of a burn tax: 1) taxes are potentially detrimental to long term economic activity and utility on-chain; 2) existing dApps that do not account for taxes will be unsupported; 3) no guarantee that CEXs will burn-off chain; 4) tax may push remaining liquidity off-chain to CEXs that do not tax; 5) potential deterrent in attracting new VC/fund investors. In the opinion of the author, it is safe to say the above issues have materialized. For that reason Lunc community should stop assuming the burn tax as a self-evident part of Terra Luna Classic. The past year has proven the burn tax’s failure to meet the community’s high expectations that were had in September 2022. Any prior proposals that have been passed in relation to the burn tax have made promises to burn down the LUNC supply, which is now apparent will not happen at an acceptable rate. Additionally, since the above listed negatives will continue to exist as long as we have any burn tax in place, the author argues that any other efforts to adjust the burn tax (e.g. increase the tax/decrease the tax/introduce dynamic tax etc.) will never solve the above issues and will never be a net positive aspect in the future of LUNC. We have tried 1.2%, 0.2% and 0.5% tax rates (without any real justification as to why exactly such rate should be applied), but have never actually tested a tax-free environment. For this reason, the author proposes that it is time to snap out of the deflationary dream in the form of a burn tax and set it to 0%, thus creating trade- and dApp- friendly environment, and, most importantly creating a predictable environment for investors and developers alike. Any future attempts to increase the burn tax again should be carefully evaluated and approved only if there is a proper reason for doing so (e.g. re-introducing the burn tax with the aim of burning down the supply would not constitute a valid reason). To see the community’s discussion about this topic, please visit: https://commonwealth.im/terra-classic/discussion/12781-case-for-complete-removal-of-the-burn-tax-0 By voting YES, you agree to the proposed parameter change that will set the burn tax rate to 0%. By voting NO/NO WITH VETO you agree to keep the burn tax rate at 0.5%.
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Submitted
06 Sept 2023, 10:40:03 UTC
Vote closed
14 Sept 2023, 14:42:40 UTC
Not approved
The proposal did not produce an approved governance action.
Proposal status, current block and node version are separate responses with their own original clocks.
A reported PASSED status for routed protocol messages is consistent with successful governance handlers in supported SDK versions. The production fork and its version at execution are not independently established here. A text mandate still needs delivery evidence; a requested treasury payment is not a reconciled recipient payout.
Current block response metadata
Reported response header height: 30752880 · reported
Public requested / response origin: Withheld or unavailable / Withheld or unavailable
Node info response metadata
Current or final voting power, calculated from the on-chain tally.
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Current staking pool
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Displaying 1 of 1 proposed parameter fields; 0 outside the 24-field display limit. 0 matched, 0 different, 1 unavailable among displayed checks.
Treasury Tax Policy
Original module response evidence unavailable.
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Changes between retained samples near vote close and the 7, 30, and 90 day targets. Sample times and a 36 hour tolerance show how closely each pair matches its target.
Retained outcome assembly available
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Average block time
Preferred signal: context
/cosmos.gov.v1.MsgExecLegacyContent/cosmos.params.v1beta1.ParameterChangeProposalReported response header height: 30752880 · reported
Public requested / response origin: Withheld or unavailable / Withheld or unavailable
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Current tallying parameters
Current reported SDK context
The model uses SDK0.53.6/math1.5.3 fixed18-place quotient and half-even rounding on reported integer aggregates. Quorum allows equality; approval and veto require strictly greater shares. Expedited approval uses its separately returned expedited threshold. Missing supported SDK/rule/threshold evidence withholds decisions. Internal fractional voting power and production custom tally logic are not reconstructed or independently established.
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Quorum
Not available
Participation unavailable
Approval
Not available
0.21% decisive Yes
Veto
Not available
11.58% of participation
What this message can change—not a prediction of price.
7 day target
This comparison applies to passed proposals.
Sample times are retained capture timestamps, not original upstream read times or verified chain heights. The nearest supported sample within 36 hours of each target is used; equally close samples prefer the earlier capture. Identical duplicates are merged and conflicting values at the same clock are withheld.
This is a change between two retained numeric samples, not complete coverage of the intervening period. Timing and metric changes do not prove the proposal caused an effect, executed a protocol action, paid a recipient or delivered a promised result.
30 day target
This comparison applies to passed proposals.
Sample times are retained capture timestamps, not original upstream read times or verified chain heights. The nearest supported sample within 36 hours of each target is used; equally close samples prefer the earlier capture. Identical duplicates are merged and conflicting values at the same clock are withheld.
This is a change between two retained numeric samples, not complete coverage of the intervening period. Timing and metric changes do not prove the proposal caused an effect, executed a protocol action, paid a recipient or delivered a promised result.
90 day target
This comparison applies to passed proposals.
Sample times are retained capture timestamps, not original upstream read times or verified chain heights. The nearest supported sample within 36 hours of each target is used; equally close samples prefer the earlier capture. Identical duplicates are merged and conflicting values at the same clock are withheld.
This is a change between two retained numeric samples, not complete coverage of the intervening period. Timing and metric changes do not prove the proposal caused an effect, executed a protocol action, paid a recipient or delivered a promised result.
Staking ratio
Preferred signal: context
7 day target
This comparison applies to passed proposals.
Sample times are retained capture timestamps, not original upstream read times or verified chain heights. The nearest supported sample within 36 hours of each target is used; equally close samples prefer the earlier capture. Identical duplicates are merged and conflicting values at the same clock are withheld.
This is a change between two retained numeric samples, not complete coverage of the intervening period. Timing and metric changes do not prove the proposal caused an effect, executed a protocol action, paid a recipient or delivered a promised result.
30 day target
This comparison applies to passed proposals.
Sample times are retained capture timestamps, not original upstream read times or verified chain heights. The nearest supported sample within 36 hours of each target is used; equally close samples prefer the earlier capture. Identical duplicates are merged and conflicting values at the same clock are withheld.
This is a change between two retained numeric samples, not complete coverage of the intervening period. Timing and metric changes do not prove the proposal caused an effect, executed a protocol action, paid a recipient or delivered a promised result.
90 day target
This comparison applies to passed proposals.
Sample times are retained capture timestamps, not original upstream read times or verified chain heights. The nearest supported sample within 36 hours of each target is used; equally close samples prefer the earlier capture. Identical duplicates are merged and conflicting values at the same clock are withheld.
This is a change between two retained numeric samples, not complete coverage of the intervening period. Timing and metric changes do not prove the proposal caused an effect, executed a protocol action, paid a recipient or delivered a promised result.